empty
22.10.2024 09:39 AM
EUR/USD and GBP/USD Technical Analysis for October 22

EUR/USD

This image is no longer relevant

Higher Time Frames

The bulls failed to maintain Friday's momentum and yielded the initiative to their opponents. The bears took advantage of the situation and aimed for the lower boundary of the weekly Ichimoku cloud (1.0811). As a result, the primary objective of breaking through the Ichimoku cloud remains the main agenda for further bearish sentiment. Additional downward targets in this area include breaking through the daily Ichimoku cloud (1.0710 – 1.0654) and monthly support (1.0611). If the weekly cloud withstands the bearish pressure and avoids a breakout, the bulls, after regaining the bullish zone relative to the weekly cloud (1.0864), will need to overcome several strong resistance levels: 1.0883 (daily short-term trend), 1.0912 (lower boundary of the monthly cloud + monthly short-term trend), and 1.0932 (weekly mid-term trend).

This image is no longer relevant

H4 – H1

Yesterday, the bears updated the previous week's low (1.0812) but have not yet managed to exit the corrective zone and continue the downward trend. Despite the correction, the main advantage of the lower time frames remains with the bears. If the downward trend resumes, bearish attention will focus on breaking through the classic Pivot support levels (1.0793 – 1.0772 – 1.0733) during the day. If the bulls continue their corrective rise, the pair will soon face key lower timeframe levels, currently at 1.0832 (central Pivot level of the day) and 1.0858 (weekly long-term trend). A breakout and trend reversal could shift the balance of power, with the following targets for strengthening bullish sentiment during the day being the classic Pivot resistance levels R2 (1.0892) and R3 (1.0913).


GBP/USD

This image is no longer relevant

Higher Time Frames

The resistance area of the daily short-term trend (1.3037) and the upper boundary of the daily Ichimoku cloud (1.3062), reinforced by the weekly level (1.3056) from the start of trading yesterday, managed to uphold the bearish sentiment. The bears returned to last week's low (1.2973) but did not reach the lower boundary of the daily cloud (1.2965). Therefore, breaking through the daily cloud, strengthened by the weekly mid-term trend (1.2939), remains the primary goal for the bears.

This image is no longer relevant

H4 – H1

In the lower time frames, the pair currently trades below key levels, giving the bears the main advantage. Exiting the corrective zone and resuming the downward trend will refocus on the classic Pivot support levels (1.2953 – 1.2925 – 1.2875). Breaking through the key levels at 1.3003 (central Pivot level of the day) and 1.3023 (weekly long-term trend) and a firm consolidation above will further strengthen the bullish sentiment. During the day, market attention will shift to the classic Pivot resistance levels (1.3031 – 1.3081 – 1.3109).


Technical Analysis Tools Used:

Higher time frames: Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels;

Lower time frames: H1 – Pivot Points (classic) + 120-period Moving Average (weekly long-term trend).

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on June 13, 2025

On Thursday, the EUR/USD pair continued its upward movement and consolidated above the 100.0% Fibonacci retracement level at 1.1574. However, during the night, a sharp reversal occurred in favor

Samir Klishi 11:52 2025-06-13 UTC+2

Forecast for GBP/USD on June 13, 2025

On the hourly chart, the GBP/USD pair on Thursday rebounded from the 1.3520 level, surged to the resistance zone of 1.3611–1.3620, bounced off it twice, and then fell back

Samir Klishi 11:49 2025-06-13 UTC+2

EUR/USD. June 12. A Setback for the Dollar

Good day, dear traders! On Wednesday, the EUR/USD pair continued its upward movement after rebounding from the support zone of 1.1374–1.1380. It successfully consolidated above the 76.4% Fibonacci retracement level

Samir Klishi 10:15 2025-06-12 UTC+2

GBP/USD. June 12. British Economy Falters

Good day, dear traders! On the hourly chart, on Wednesday, the GBP/USD pair reversed in favor of the British pound and consolidated above the 161.8% Fibonacci retracement level at 1.3520

Samir Klishi 10:15 2025-06-12 UTC+2

Technical Analysis of Daily Price Movement Crude Oil Commodity Instrument, Thursday June 12, 2025.

If we look at the daily chart of the Crude Oil commodity instrument, there appears to be a Divergence between the price movement of #CL and the Stochastic Oscillator indicator

Arief Makmur 08:10 2025-06-12 UTC+2

Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday June 12, 2025.

On the 4-hour chart of the Nasdaq 100 index, there is a divergence between its price movement and the Stochastic Oscillator indicator, especially with the current confirmation of the price

Arief Makmur 08:10 2025-06-12 UTC+2

Trading Signals for EUR/USD for June 12-19, 2025: sell below 1.1500 (21 SMA - 8/8 Murray)

If the euro price falls below 1.1500 in the coming hours, this could be seen as an opportunity to sell. Technically, it appears overbought on the H4 chart and could

Dimitrios Zappas 05:33 2025-06-12 UTC+2

Trading Signals for GOLD (XAU/USD) for June 12-19, 2025: sell below $3,386 (21 SMA - 7/8 Murray)

The XAU/USD trend remains bullish as long as the price consolidates above 3,331. Therefore, it would be prudent to buy gold as long as the price consolidates above 3,359, where

Dimitrios Zappas 05:32 2025-06-12 UTC+2

EUR/USD Forecast for June 12, 2025

The U.S. inflation data released on Wednesday stirred the markets: the dollar index dropped by 0.47%, WTI oil surged by 5.54%, gold rose by 1.27%, and 5-year U.S. Treasury yields

Laurie Bailey 04:40 2025-06-12 UTC+2

GBP/USD Forecast for June 12, 2025

On Wednesday, the British pound successfully avoided a decline below technical support levels, reversing upward from them. The price rebounded from the MACD indicator line on the daily chart, while

Laurie Bailey 04:40 2025-06-12 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.